Elevation Announces Purchase of South Carolina Senior Property
Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Carolina Gardens Senior Living at West Columbia. Situated just miles from the bustling state capital of Columbia, the senior property was purchased for $4.75 million. The property represents Elevation’s return to South Carolina after the successful acquisition, management, and disposition of previous properties in Funds IV and V.
Construction of the senior property was initially completed in 1990, with an additional phase completed in 1997. The community, now vacant, operated previously as an independent and assisted living facility. Elevation will renovate and upgrade the community, including the installation of kitchens in the former assisted living units, bringing the property back to life as an affordable 55+ senior apartment community. The repositioning will allow Elevation to meet the needs of West Columbia seniors by providing high quality, elegant housing at an affordable price point. The property, expected to finish renovation and open for leasing in early 2022, will be rebranded as Serenity at West Columbia.
“We’ve seen in previous funds how acute the need for affordable housing is in South Carolina,” said Chris King, CEO of Elevation. “Bringing a vacant community like this back to life will not only deliver value for our investors but also achieve our mission to provide the housing options seniors in West Columbia need now more than ever. We’re thrilled to be back, and we look forward to repeating our previous successes in the Palmetto State.”
Throughout the past 15 years, Elevation has invested over one hundred million dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. As with all Elevation properties, the rental rates will remain affordable while a higher level of quality from on-site management will be delivered. Elevation Property Management, a best-in-class company overseeing senior and multifamily communities, will manage Serenity at West Columbia.
The latest acquisition represents the tenth purchase for Fund VII. Additional properties in the Fund VII portfolio include a senior property in Illinois, four multifamily properties in Louisiana, a 496-unit senior community in Indiana, a 155-unit senior community in Tennessee, a senior community in Texas, and a senior community under development in Massachusetts.
Elevation Financial Group, LLC, a real estate private equity company, leads an award-winning group of companies with a focus and mission to acquire, revitalize, and operate affordable apartment communities for independent seniors and families. As a private equity company,
Elevation raises capital through private placements to accredited investors and maintains a commitment to low or no loads on capital raised. Through a consortium of companies specializing in real estate investment, property management, and property renovation, Elevation aspires to deliver superior financial returns to its shareholders while making a positive and distinctive impact on the communities served.